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Status of Bankruptcy exemption bill, as of August 18, 2010

As previously reported, both the New York State Assembly and the Senate have passed S. 7034, a bill that updates and modernizes bankruptcy exemptions. The bill has not yet been submitted to the Governor for signature. According to a person in the office of Senator Eric T. Schneiderman, the Senate sponsor for the bill, a companion bill, S. 8451, must pass the Assembly so that both can be submitted to the Governor together.

S. 8451 excludes the State of New York or its agencies or municipalities, if they are a judgment creditor, from the new $4,000 car equity exemption. S. 8451 was passed by the Senate on August 3, and has been sent to the Assembly. We will be looking for Assembly action once the Assembly returns for a session.

S. 7034 amends CPLR 5205(a)(8) to read "one motor vehicle not exceeding four thousand dollars in value above liens and encumbrances of the debtor; if such vehicle has been equipped for use by a disabled debtor, then ten thousand dollars in value above liens and encumbrances of the debtor; provided, however, that this exemption for one motor vehicle shall not apply if the debt enforced is for child support, spousal support, maintenance, alimony or equitable distribution, or if the state of New York"

S. 8451 adds to the end of this section: "or any of its agencies or any municipal corporation is the judgment creditor"

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